Vukile Property Fund’s 95%-held subsidiary, Castellana Properties SOCIMI, is acquiring the Forum Madeira, a 100% let dominant open-air shopping centre in Portugal for €63.3 million, primarily funded by existing cash reserves at an initial net operating income yield of 9.5%.

Following seven years of growing its Spanish retail portfolio from its South African base, the REIT entered Portugal during 2024, acquiring four prime retail assets, with Forum Madeira to become its fifth Portuguese shopping centre. Approximately two-thirds of Vukile’s assets and 60% of earnings are now offshore.

Forum Madeira spans 21 472m² GLA over three floors, anchored by Inditex Group Brands – the only centre on the island to offer the full suite of this popular brand mix with a leading Pingo Doc supermarket and Cinema NOS, the island’s top cinema destination.

Serving over 250 000 residents and 2.3 million tourists annually, the shopping centre achieves high footfall and strong trading densities.